Account Receivable Accounting is the practice of tracking and managing outstanding customer invoices. This important record-keeping process helps businesses keep track of their customers’ payments owed, allowing them to properly plan their cash flows and maintain accurate financial records. As part of an Accounts Receivable Accounting system, businesses will typically use invoices to create detailed documents for their customers detailing the amounts owed, due dates and payment information. By regularly entering this data into organized accounts receivable ledgers, companies can monitor which bills have been paid on time and which are still outstanding in order to make sure they get paid promptly. With efficient account receivable accounting practices, businesses can easily stay on top of their customers’ payments and maximize their own revenue.